Monday, February 27, 2012

When do you suppose the CPA exam will start testing the minutiae of IFRS?

.... Well, not for a while, if you read between the lines of this Reuters report:

The top U.S. securities regulator said on Friday that the United States won't be rushed into a possible move toward a global accounting standard and will only adopt such a regime if it is good for U.S. markets.

"I don't feel any pressure at all to go along with anybody," (emphasis mine) said Mary Schapiro, the chairman of the U.S. Securities and Exchange Commission, on the sidelines of the Practising Law Institute's annual SEC Speaks conference.

"I feel pressure to do the right thing for U.S. markets and U.S. investors."

More than 100 countries, including Europe, use accounting rules from the International Accounting Standards Board (IASB) and are waiting to see if the United States, the world's biggest capital market, adopts them too.

Other heavyweights like Japan would likely follow suit if the United States joined.... (more)